Medallia has completed a recapitalisation agreement with its lenders, reducing debt and securing $150 million in new capital. The experience management platform has transitioned to new ownership led by Blackstone, alongside Apollo and FS KKR Capital Corp. The deal strengthens Medallia's balance sheet to accelerate development of AI-driven features. The company plans to expand generative AI and automation capabilities, deepen enterprise system integrations, and build on its Frontline-Ready AI foundation. Chief executive Mark Bishof said the transaction enables faster delivery of AI-led experience management to customers. Medallia aims to transform experience management from a reporting function into an intelligent, predictive, and automated business tool. The company reports global enterprise customers are already seeing significant productivity gains from its generative AI capabilities.

Blackstone, KKR, and Brookfield have formed a $16 billion infrastructure joint venture to acquire a 49% stake in Kuwait's domestic and export crude pipeline network. The deal, known as Project Peregrine, represents the largest foreign direct investment in Kuwait's history. The 20.5-year lease agreement covers 13 core pipelines spanning approximately 320 kilometres. Kuwait Oil Company retains 51% ownership and operational control, while the investor group receives volume-based tariff payments. The transaction provides $7.85 billion in upfront proceeds to Kuwait Petroleum Corporation, supporting plans to increase oil production capacity to four million barrels per day by 2035. Blackstone's infrastructure platform has grown to $90 billion in assets under management, whilst KKR has deployed approximately $5 billion in Middle Eastern infrastructure over the past 18 months.